Smart Credit Cards for Poor
Credit - Learning The Possibilities
If folks have
Credit, how can they
distinguish which Smart Credit Cards
to choose when there are so many choices?
The information below discusses several kinds
of cards to offer a better understanding
of the pros of each:
Cash Back - With a Cash Back
card, customers get a refund equal to
a fraction of their transactions. For instance,
if somebody is approved for a Cash Back
option that offers five percent cashback
on supermarket, gasoline, and pharmacy
purchases, as purchases increase and rewards accumulate, they can be redeemed. If you
spend $150 in petro, food,
and drugstore purchases weekly, by
the end of a year, $390
in cash would have accumulated.
Rewards Points - In lieu
of rewarding customers with cash back, some lenders
offer points programs. Customers receive
points every time the card is used. With each swipe of the card, the rewards
increase. Once a specified number of points have accumulated they can be redeemed for all kinds of goodies including
free travel, gift items, subscriptions, and more.
Be sure to find out if the Smart Credit Cards
for Poor Credit you apply for offers
a redeemable rewards program.
Gas Bonuses - Card Issuers
are often times considerate of the price
of gas and want to compensate
people for using their cards by offering them a prepaid
gas card. As transactions are completed, points are accumulated and summarized. Once a certain number of points are earned they can be redeemed for a
free prepaid gas station card. The cool thing is, with some cards redeemable fuel rewards can be accumulated
while you are gassing up your vehicle.
Points Toward Free Hotel Accommodations, Car Rentals, or Frequent Traveler Miles - When purchases are made with these cards, "customers receive "" points"" toward free travel including free frequent flyer miles." After an accumulation of a certain number of points, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. These rewards work best for those who travel a lot.
0% APR Promotions - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
The period where no finance charges are being applied usually varies from six to twelve months.
Most times, customers take advantage of this kind of card
to move their balance from their current Smart Credit Cards
to one of these and create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Keeping monthly payments up to date is incredibly important.
When a single payment is not paid on time, generally
the interest free rates go up to a much higher
rate. People that are applying for
Smart Credit Cards for Poor
Credit, and have the opportunity to sign up for a zero percent promotion
should think about this type of card.
Secured Cards - People with this type of card
must put money into a secure account that accumulates interest.
This "is what makes it a "" secured card"" ." Once the account is set up, a card is
sent with a credit max in
the opening balance of the interest bearing account that was created. As the card is used the credit limit decreases, low rate
recurrent payments are computed, and payment plan
is sent. If transactions are being approved, you will receive a payment plan. Secured Cards
are perfect because they function the same as
ordinary credit cards allowing people
to do things that debit cards may not, like making travel accommodations such as vehicle rentals
that commonly do not take consumer checking account
cards. When applicants have bad credit approval is usually
guaranteed no matter what. This is good because many
secured card companies submit whether or not timely payments are made
to the credit bureaus. This could be a fantastic
approach to establish creditworthiness by showing timely
payments whether you have Poor
credit or not. After paying
a certain number of payments in a row, most issuers will increase your credit limit without
requiring another deposit to the initial secured account.
Pre-paid Credit Cards - With
a Pre-paid card, there is no guesswork. Just like
a typical bank account, a deposit is made into an account and this is
the amount that can be spent. As the prepaid credit card
balance reaches zero, simply put more cash into the prepaid account and your card will be ready for use once again. Reloadable prepaid cards
are great as gifts, they make it so you don't have to carry cash all the time, and they help people that cannot
acquire a typical checking account.
Fast approval is typically not a problem regardless of
your credit report and there is
no need for the issuer to contact Experian, Equifax, and TransUnion.
With all of the diverse types
of Smart Credit Cards
for Poor credit and
bonuses that exist, it is easy to identify the best solution for your situation. Consider
Smart Credit Cards that give the benefits that fit your situation. Once you are approved always
spend wisely and pay the bill on or before the due date. Great credit is a terrific
To be certain that you keep growing the best FICO score, follow these three rules:
1. Keep your outstanding balance at no more than half of the
credit max. Another way of saying it is, don't
"go crazy". It is smart to keep
an account that is somewhere around half
of the maximum spending limit on any
Smart Credit Cards for Poor Credit.
2. Make payments on or before the due date. Even if you have to make just the minimum payment that is listed on your monthly statement, that will be just fine. If you miss a payment, it could be forwarded to Experian, Equifax, and Trans Union. This is bad for your FICO profile. Not to mention when this happens you may also experience a higher interest rate as a consequence of a late payment. Thus it is recommended that consumers stay on top of the bill.
3. Pay all balances down to zero every time you can.
When the balance gets to be about half of the limit, try to
take a few months and pay it off as often as you can. Then once your balance is paid off it is wise to
start swiping your card for purchases again and take a few months to pay the balance off again, and make this your repayment pattern.
This repayment history demonstrates to the issuers
that you can be creditworthy. Some other perks you could get when you repay in this way are
a lower interest rate, higher credit limits, and a more favorable credit report.
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